Wealth Services' Revenue Jumps at Bryn Mawr

Bryn Mawr Trusts increased focused on wealth management continues to lift earnings for the Pennsylvania-based community bank. In the third quarter of 2012, wealth management services generated $8 million in revenue for Bryn Mawr, up 31.1% from $6.1 million in the same quarter a year ago. Year-to-date, revenue from wealth management totaled $21.4 million, a 40% increase from the $15.4 million generated in 2011.

Assets under management surged to $6.5 billion, an increase of $1.7 billion, or 34.2%, from the end of last year, and an increase of $2.0 billion, or 44%, from the end of the third quarter of 2011, according to the banks third-quarter earnings release.

The robust wealth management revenues contributed significantly to the banks earnings performance in the third quarter. The bank reported third-quarter net income of $5.4 million, up 3.7% from $5.2 million in the year-ago quarter.

The Corporation has posted yet another excellent quarter driven by strong non-interest revenue, which was able to offset increases in non-interest expense during the quarter, Ted Peters, chairman and CEO of Bryn Mawr Bank Corporation, said in a statement.